Find out how these #tax relief methods could save you #incometax in Singapore!
1) Topping up to a family member’s CPF Special account or Retirement account.
*Edit1 – MRSS benefit will only start in 2021!
*Edit2 – from feedback, only parent top up to FRS has tax relief NOT ERS (view comments)
2) Topping up to your own medisave account. Do note there are caps due to BHS and MC.
3) Topping up to your own Special account via Retirement sum topping up scheme RSTU.
Tax relief of $7,000.
4) Contributing to your own Supplementary retirement scheme (SRS). Cap at $15,300 for Singaporeans/PR and $35,700 for foreigners.
You may open an SRS account with DBS/OCBC/UOB.
5) Making donations to organizations which qualify. Personally, I donated to NKF =)
6) Going for approved courses. Limit for tax deduction of $5,500